Nestle has sold a clutch of brands in Italy to Germany-based frozen food group Frosta, the companies have confirmed.
Frosta has acquired Nestle’s La Valle degli Orti, Mare Fresco and Surgela brands for an undisclosed sum.
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The agreement also sees Frosta attain a “multi-year” licence for various Buitoni frozen ready meals in Italy.
The deal was announced a month after the companies said they were in discussions over a possible transaction.
Nestle described the deal as a “preliminary agreement”, although Frosta said the brands would be formally transferred on 1 June.
The world’s largest food maker said Frosta was “the ideal partner” to “continue [the] development and promotion of the brands”.
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By GlobalDataThe deal is the latest disposal Nestle has made in Italy. Last July, Nestle sold its Ore Liete biscuit brand to local business Tedesco Group. A month earlier, Nestle offloaded a range of Italian confectionery brands, including Rossana and Fluxes, to local candy maker Fida.
